Over 99% of the Rs500 and Rs1000 that were withdrawn from circulation in November 2016 were returned, the Reserve Bank of India (RBI) said in its annual report, released on Wednesday.
According to the report, after verification and reconciliation, the total value of the Rs 500 and Rs1000 as on November 8, 2016, the day before note ban came into effect, was Rs 15,417.93 lakh crore. The total value of the such notes returned from circulation was Rs 15,310.73 lakh crore.
According to the RBI data, the value of banknotes in circulation increased by 37.7% over the year to Rs18,037 lakh crore as at end-March 2018.
With more Rs500 notes pumped into the system over the last one year, the share of Rs 2,000 notes by value declined to 37.3% as on March 2018 as compared to 50.2% a year ago. The share of Rs500 note, in terms of value, increased from 22.5% to 42.9% during the same period.
“The share of newly introduced Rs 200 banknotes in the total value of banknotes in circulation was 2.1% as at end-March 2018,” the report said.
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